bye! bye! citigold

Over the past month has become increasingly clear to me there is little chance of CTO acting to quickly redress matters. So, I foresee the current scenario of CTO continuing to be led by a costly management team that collects considerable funds from its shareholders, based on ever ongoing promises yet to be met.

Additional to questionable management expertise, coupled with poor standards of transparency and governance, I also have worries what’s really behind the recent takeover bid. In the absence of any explanation, one wonders why now? And so soon after raising considerable funds from shareholders? Is this an insurance policy for management? and will the Charters Towers Goldfield end up a very expensive duster?

So, considering all this and the fact CTO now has 846,786,770 shares on issue and a price to earnings of minus 51.71, I have taken a loss and walked. Of interest, the final nail in the coffin for me was a post by sidr of 27th July and the reply by pooh-bear the next day, as outlined below:

(sidr) As announced by cto some months ago, don't expect any increase in production in quarterly report on Friday.
We'd all like an increase in production, but since they have been tunneling through granite, I wouldn't expect ANY gold production, so ANY gold is a bonus.
The main objective in this quarterly is to announce the tunnel is finished (or nearly finished), & starting of preparation work on the 5 faces.
You have to wait until next quarterly due out on 30 Oct. If they haven't ramped up production to 5000oz by then, then it's time to get angry, but until then it's just pointless - unless anyone has a spare time machine.
See you on 30 October - bye!

(pooh-bear) funny thing sidr has been a member since 1999 and in living memory only posts on CTO with "inside" snippets, I think he may be related to skaterboy who is definitely related to the Lynch family

see what the quarters results bring........
don't hold your breath.......